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Ever since the recession that hit in '08, has much changed in Charlotte from a business stand point? The city got hit hard since it put all eggs in one basket (financial sector), but has it been diversifying? I am looking to open a business and headquarter it in Charlotte, but I'm worried that if another economic recession hits, the city won't hold up.
This information is somewhat hard to read, but its a comparison of 2007 employment figures to 2014 for Mecklenburg County, for most of the larger industry sectors.
As you can see, Finance and Insurance has recovered to its pre-recession level, and in no way dominates the economy. It is a misnomer that Charlotte has, or ever did have, all its eggs in one basket.
Big gains have come in Professional and Technical Services, Management of Companies and Enterprises, Health Care and Social Services and Accommodations and Food Services.
Year Quarter Area Name Ownership NAICS Code naicstitle Average Employment
2007 00 Mecklenburg County Aggregate of all types 23 Construction 36,101
2014 00 Mecklenburg County Aggregate of all types 23 Construction 28,264
2007 00 Mecklenburg County Aggregate of all types 31 Manufacturing 34,463
2014 00 Mecklenburg County Aggregate of all types 31 Manufacturing 32,018
2007 00 Mecklenburg County Aggregate of all types 42 Wholesale Trade 36,890
2014 00 Mecklenburg County Aggregate of all types 42 Wholesale Trade 36,193
2007 00 Mecklenburg County Aggregate of all types 44 Retail Trade 59,682
2014 00 Mecklenburg County Aggregate of all types 44 Retail Trade 61,639
2007 00 Mecklenburg County Aggregate of all types 48 Transportation and Warehousing 30,307
2014 00 Mecklenburg County Aggregate of all types 48 Transportation and Warehousing 33,539
2007 00 Mecklenburg County Aggregate of all types 51 Information 19,394
2014 00 Mecklenburg County Aggregate of all types 51 Information 20,747
2007 00 Mecklenburg County Aggregate of all types 52 Finance and Insurance 53,799
2014 00 Mecklenburg County Aggregate of all types 52 Finance and Insurance 53,578
2007 00 Mecklenburg County Aggregate of all types 53 Real Estate and Rental and Leasing 10,909
2014 00 Mecklenburg County Aggregate of all types 53 Real Estate and Rental and Leasing 11,325
2007 00 Mecklenburg County Aggregate of all types 54 Professional and Technical Services 39,351
2014 00 Mecklenburg County Aggregate of all types 54 Professional and Technical Services 45,218
2007 00 Mecklenburg County Aggregate of all types 55 Management of Companies and Enterprises 22,814
2014 00 Mecklenburg County Aggregate of all types 55 Management of Companies and Enterprises 27,456
2007 00 Mecklenburg County Aggregate of all types 61 Educational Services 29,693
2014 00 Mecklenburg County Aggregate of all types 61 Educational Services 34,600
2007 00 Mecklenburg County Aggregate of all types 62 Health Care and Social Assistance 53,398
2014 00 Mecklenburg County Aggregate of all types 62 Health Care and Social Assistance 68,310
2007 00 Mecklenburg County Aggregate of all types 72 Accommodation and Food Services 47,063
2014 00 Mecklenburg County Aggregate of all types 72 Accommodation and Food Services 53,823
2007 00 Mecklenburg County Aggregate of all types 92 Public Administration 15,451
2014 00 Mecklenburg County Aggregate of all types 92 Public Administration 17,048
Source: Quarterly Census Employment and Wages (QCEW)
Ever since the recession that hit in '08, has much changed in Charlotte from a business stand point? The city got hit hard since it put all eggs in one basket (financial sector), but has it been diversifying?!
Except that it isn't true.
Less than 15% of the city's jobs are related to the finance industry. The percentage is even lower in the metro.
Charlotte & area is well positioned for the future since it is very attractive for most families (hence future employees are not hard to be brought on board if located elsewhere).
Good weather in close proximity to mountains and beaches, relatively low cost of life, great airport, good business environment - does make it one of most attractive areas for the foreseeable future.
Ever since the recession that hit in '08, has much changed in Charlotte from a business stand point? The city got hit hard since it put all eggs in one basket (financial sector), but has it been diversifying? I am looking to open a business and headquarter it in Charlotte, but I'm worried that if another economic recession hits, the city won't hold up.
Thanks!
One basket? You aren't from these parts are you? Charlotte is very diversified with many worldwide headquarters in the Charlotte area. Charlotte is the target of many expanding European and Chinese businesses thanks to our great labor force, right to work economy, expanding technical education opportunities, specialized universities like Johnson and Wales, medical care expansions, etc. Your one basket theory is not accurate. I would advise reading up on the economy here to see what we have and what's projected.
Charlotte wasn't reliant on the banking industry in exactly the same way Detroit was reliant on the auto industry, but yes the banking industry props up Charlotte's overall economy in a major way. There are many ancillary jobs and business that are in Charlotte due to the big banking presence and the growth it has spurred over the years; it's more than just about jobs in the banking industry itself. But that was more true in the 80's, 90's, and early 2000's than it is today.
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Quote:
Originally Posted by carolinadawg2
This information is somewhat hard to read, but its a comparison of 2007 employment figures to 2014 for Mecklenburg County, for most of the larger industry sectors.
As you can see, Finance and Insurance has recovered to its pre-recession level, and in no way dominates the economy. It is a misnomer that Charlotte has, or ever did have, all its eggs in one basket.
Big gains have come in Professional and Technical Services, Management of Companies and Enterprises, Health Care and Social Services and Accommodations and Food Services.
Year Quarter Area Name Ownership NAICS Code naicstitle Average Employment
2007 00 Mecklenburg County Aggregate of all types 23 Construction 36,101
2014 00 Mecklenburg County Aggregate of all types 23 Construction 28,264
2007 00 Mecklenburg County Aggregate of all types 31 Manufacturing 34,463
2014 00 Mecklenburg County Aggregate of all types 31 Manufacturing 32,018
2007 00 Mecklenburg County Aggregate of all types 42 Wholesale Trade 36,890
2014 00 Mecklenburg County Aggregate of all types 42 Wholesale Trade 36,193
2007 00 Mecklenburg County Aggregate of all types 44 Retail Trade 59,682
2014 00 Mecklenburg County Aggregate of all types 44 Retail Trade 61,639
2007 00 Mecklenburg County Aggregate of all types 48 Transportation and Warehousing 30,307
2014 00 Mecklenburg County Aggregate of all types 48 Transportation and Warehousing 33,539
2007 00 Mecklenburg County Aggregate of all types 51 Information 19,394
2014 00 Mecklenburg County Aggregate of all types 51 Information 20,747
2007 00 Mecklenburg County Aggregate of all types 52 Finance and Insurance 53,799
2014 00 Mecklenburg County Aggregate of all types 52 Finance and Insurance 53,578
2007 00 Mecklenburg County Aggregate of all types 53 Real Estate and Rental and Leasing 10,909
2014 00 Mecklenburg County Aggregate of all types 53 Real Estate and Rental and Leasing 11,325
2007 00 Mecklenburg County Aggregate of all types 54 Professional and Technical Services 39,351
2014 00 Mecklenburg County Aggregate of all types 54 Professional and Technical Services 45,218
2007 00 Mecklenburg County Aggregate of all types 55 Management of Companies and Enterprises 22,814
2014 00 Mecklenburg County Aggregate of all types 55 Management of Companies and Enterprises 27,456
2007 00 Mecklenburg County Aggregate of all types 61 Educational Services 29,693
2014 00 Mecklenburg County Aggregate of all types 61 Educational Services 34,600
2007 00 Mecklenburg County Aggregate of all types 62 Health Care and Social Assistance 53,398
2014 00 Mecklenburg County Aggregate of all types 62 Health Care and Social Assistance 68,310
2007 00 Mecklenburg County Aggregate of all types 72 Accommodation and Food Services 47,063
2014 00 Mecklenburg County Aggregate of all types 72 Accommodation and Food Services 53,823
2007 00 Mecklenburg County Aggregate of all types 92 Public Administration 15,451
2014 00 Mecklenburg County Aggregate of all types 92 Public Administration 17,048
Source: Quarterly Census Employment and Wages (QCEW)
Don't forget the energy sector, although it's scattered around the region.
One basket? You aren't from these parts are you? Charlotte is very diversified with many worldwide headquarters in the Charlotte area. Charlotte is the target of many expanding European and Chinese businesses thanks to our great labor force, right to work economy, expanding technical education opportunities, specialized universities like Johnson and Wales, medical care expansions, etc. Your one basket theory is not accurate. I would advise reading up on the economy here to see what we have and what's projected.
I keep hearing people on this forum talk about Charlotte's economy beyond banking/finance. The major payers around here seem to be Bank of America, Wells Fargo and Duke Energy. TIAA Creff, and Ally Bank, and IBM seem to be others. Besides the aforementioned companies, what other Fortune 500 companies have a major footprint in Charlotte? I'm not talking about an office set up downtown that only has a few people, I'm talking about a company that has a nice size workforce in the city offering opportunities for those in the cites, not just an office set up acting as an outpost for transplants within the company only.
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